"Enterprise Risk Management for Organizational Success: Risk Identification through the Business Model Canvas"

Abstract

Every organization strives to achieve its objectives and functional goals. However, success in reaching these objectives depends on various organizational internal and external factors, both controllable and uncontrollable, collectively referred to as "risks." These risks can be categorized into four main types: 1) Strategic Risk, 2) Operational Risk, 3) Financial Risk, and 4) Compliance Risk. To effectively address these risks, organizations need to incorporate risk management into their planning process. The risk management process involves four key procedures: 1) Risk identification, 2) Risk assessment, 3) Risk response, and 4) Monitoring and evaluation. By utilizing the Business Model Canvas as a tool for risk identification, organizations gain a comprehensive understanding of their overall business landscape and activities. This approach allows for a clearer identification of the underlying causes of potential risks throughout each business action, enabling the organization to devise suitable risk management strategies. By aligning risk management practices with its intended aims, the organization can effectively meet its objectives.